Orexigen posts a ‘for sale’ sign in the yard as weak Contrave sales raise concerns
The end may not be far off for Orexigen $OREX, one of the three biotechs which managed to get an obesity drug into the US market a few years ago, only to be crushed by a wave of indifference for their drugs’ modest effect on weight loss.
In a SEC filing on Monday the biotech said it is undertaking a ‘going concern’ review, and it isn’t making any assurances that it will be positive in the end. Its senior note holders could see debt payments speeded up if drug sales fail to hit $100 million, and they came in at just $18 million to $19 million in Q3.
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